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Attacks on western cities prompt insurers to innovate new policies

Insurers now judge whether a business has lost attraction as a result of an attack

Reuters  |  London/New York 

The changing nature of attacks in Western cities has led insurers to offer new policies, from straightforward cover for business lost due to police cordons to more risky compensation for declines in tourism. Terrorism insurance policies were developed after the 9/11 attacks on the United States, but until recently covered only businesses that had been physically damaged. The deaths of two hostages taken at a cafe in Sydney in December 2014 and attacks in Paris in November 2015 that killed 130 people were catalysts for new types of cover taking into account the impact of the heavy ...

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First Published: Thu, June 15 2017. 17:14 IST